US' current account deficit falls 9.1% to $217 billion in Q3

By Ovunc Kutlu

ISTANBUL (AA) - The US' current account deficit fell $21.6 billion, or 9.1%, to $217.1 billion in the third quarter, the Bureau of Economic Analysis said Wednesday.

The expectation for the figure, which reflects the balances on trade in goods and services and income flows between US residents and residents of other countries, was to come down to $222 billion.

The revised deficit for the second quarter was $238.7 billion.

The deficit in the third quarter was 3.4% of current-dollar gross domestic product (GDP), which is down from 3.8% in the second quarter.

Most of the decline was a result of a deficit decrease in goods but it was partly offset by a decreased surplus in primary income and an increased deficit in secondary income, the Bureau of Economic Analysis said in a statement.

"Exports of goods and services to, and income received from, foreign residents increased $26.5 billion to $1.14 trillion in the third quarter," it said. "Imports of goods and services from, and income paid to, foreign residents increased $4.8 billion to $1.35 trillion."

While exports of goods increased $7.2 billion to $547.0 billion, imports of goods decreased $32.5 billion to $818.2 billion.